Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended June 30, 2021	(in millions)
Net revenues	$	303	$	218	$	217	$	141	$	879	$	(6	)	$	873
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		303		220		217		142		882		(9	)		873
Adjusted EBITDA		59		45		45		21		170
Depreciation and amortization		5		5		4		5		19		8			27

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Three Months Ended June 30, 2020	(in millions)
Net revenues	$	295	$	201	$	186	$	137	$	819	$	3		$	822
Intersegment revenues		—		2		—		1		3		(3	)		—
Total segment net revenues		295		203		186		138		822		—			822
Adjusted EBITDA		66		63		43		28		200
Depreciation and amortization		4		3		4		5		16		8			24

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Six Months Ended June 30, 2021	(in millions)
Net revenues	$	574	$	410	$	386	$	267	$	1,637	$	(8	)	$	1,629
Intersegment revenues		—		4		—		1		5		(5	)		—
Total segment net revenues		574		414		386		268		1,642		(13	)		1,629
Adjusted EBITDA		111		90		79		38		318
Depreciation and amortization		10		9		8		10		37		16			53

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾			Total
Six Months Ended June 30, 2020	(in millions)
Net revenues	$	538	$	390	$	364	$	264	$	1,556	$	(4	)	$	1,552
Intersegment revenues		—		5		—		1		6		(6	)		—
Total segment net revenues		538		395		364		265		1,562		(10	)		1,552
Adjusted EBITDA		106		118		78		51		353
Depreciation and amortization		10		7		7		9		33		15			48

Summary of Segment Assets

Segment assets consisted of the following:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Segment Total		Unallocated⁽¹⁾		Total
	(in millions)
As of June 30, 2021	$	539	$	286	$	164	$	245	$	1,234	$	3,463	$	4,697
As of December 31, 2020		433		248		157		204		1,042		3,680		4,722

(1)

Unallocated includes the elimination of intersegment revenues, other revenue adjustments and certain corporate costs, depreciation and amortization and assets not allocated to segments. Unallocated assets are comprised of cash, accounts receivable, other receivables, entity-wide property, plant and equipment, entity-wide operating lease right-of-use assets, goodwill, intangible assets, related party receivables and other assets.

Reconciliation of Segment Adjusted EBITDA to GAAP Income Before Income Taxes

The following table presents a reconciliation of segment Adjusted EBITDA to GAAP income before income taxes:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
	(in millions)						(in millions)
Segment Adjusted EBITDA	$	170		$	200		$	318		$	353
Corporate / unallocated expenses		(22	)		(7	)		(30	)		(25	)
		148			193			288			328
Adjustments to reconcile to GAAP income before income taxes
Depreciation and amortization		(27	)		(24	)		(53	)		(48	)
Interest expense, net		(12	)		(17	)		(24	)		(44	)
IPO and separation-related costs		(4	)		(7	)		(7	)		(21	)
Unrealized gains (losses) on derivatives		—			3			—			(1	)
Other		—			—			—			(1	)
Consolidated GAAP income before income taxes	$	105		$	148		$	204		$	213

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021			2020		2021			2020
	(in millions)					(in millions)
Waste and storage products ⁽¹⁾	$	359		$	338	$	677		$	654
Cooking products		303			295		574			538
Tableware		217			186		386			364
Unallocated		(6	)		3		(8	)		(4	)
Net revenues	$	873		$	822	$	1,629		$	1,552

(1)	Waste and storage products are comprised of our Hefty Waste & Storage and Presto Products segments.